Would you believe that over 100 million people living in the U.S. have an estate plan that isn't current or up-to-date? This means that those Americans don't have the documents needed to protect themselves or their loved ones if they were to become sick, incapacitated, or deceased.
Estate Planning Attorney Raleigh NC: Do you have an estate plan?
An estate plan can be one of the most important gifts you give to yourself and your loved ones. It offers direction and peace of mind to you and your loved ones, as well. Our estate planning attorneys in Raleigh NC have outlined the needed steps of the planning process below. It’s important to start planning your estate as soon as possible.
Make a Will
A Will is the only way to ensure that your assets are distributed to the proper family members or beneficiaries. Without a Will, state law will determine where your assets are distributed. In addition, a Will helps to place conditions on assets. It allows you to hold assets in a trust for your children until they are of a certain age. A Will can also name a guardian for minor children that are left without parents. Without a Will to document these wishes, cumbersome state laws and courts will also determine what happens to your children and their inheritance.
Determine how individual assets should be distributed
It’s easy to believe that family members will sort out your assets and divide them equally after you’ve passed on. However, that is one of the worst assumptions to make. All too often, our estate planning attorneys in Raleigh NC see potential beneficiaries fight over an inheritance. It’s a good idea to discuss your assets with family members and talk through your wishes regarding how they’re distributed with them. The talk will help avoid misunderstandings and help to ensure your possessions will go to the specific loved ones you have in mind. However, often this talk is not enough.
Estate planning can be one of the most important things you do in your lifetime. It’s important to get started planning, sooner rather than later. Be sure to visit back with us on our next post, where we will continue offering estate planning tips for those that do not already have an estate plan.
Our estate planning attorney in Raleigh NC is ready to help you get your estate plan started. Contact us for a consultation. We will make sure that your estate plan is documented properly and updated regularly
